Belfast Telegraph

Friday 25 July 2014

Sean Quinns' evidence totally unbelievable, court told

Sean Quinn
Sean Quinn

Evidence from some members of bankrupt businessman Sean Quinn's family about their assets and bank accounts was “completely unbelievable”, a court has heard.

A lawyer for the now dissolved Irish Bank Resolution Corporation (IBRC) told the Commercial Court in Dublin they must provide more details about how they spent €2.5m (£2.1m) paid to them from Russian companies.

Some of the Fermanagh family had given “incredible, not complete, implausible and conflicting” evidence when cross-examined about their accounts and involvement in companies in their international property group (IPG), Shane Murphy, for the bank, said.

The Quinns said they withdrew large sums in Ireland from their Russian bank accounts and used much of those for legal fees but had failed to provide bills, receipts or copies of their employment contracts, he said.

IBRC believed there must be a paper trail but the “shutters had come down” when the Quinns were asked about that.

Following cross-examination last January, the bank yesterday asked Mr Justice Peter Kelly for further orders requiring the Quinns make fuller and/or better disclosure of issues.

Opposing that application, Martin Hayden, for the Quinns, insisted they had made disclosure in the precise terms sought by the bank when it |secured the disclosure orders last year.

Having heard closing arguments concerning whether further orders should be made, Mr Justice Kelly reserved his ruling to a later date.